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"Nifty is likely to remain mostly sideways to negative as long as it remains below 21,000. Only a decisive move above 21,000 might induce a resumption of the uptrend. Support is placed at 20,800, below which the index may consolidate further," said Rupak De, Senior Technical analyst at LKP Securities.
On the stock-specific front, Reliance Industries, Indian Bank, UltraTech Cement, Infibeam Avenues, Rashtriya Chemicals, CIE Automotive and some other counters will be in focus today.
Shares of Indian Bank rose 1.53% to close at Rs 437.35 in the previous trading session. The state-run lender said it has launched a share issue to institutional investors at a floor price of Rs 414.44 per share. The bank in August approved raising up to Rs 4,000 crore through a qualified institutions placement of shares.
Shares of UltraTech Cement climbed 1.84% to close at Rs 9,863.65. The company, in a BSE filing, said, it has received an order from the deputy commissioner (Chandrapur, Maharashtra) raising demand for GST of Rs 5,72,984 together with interest, as applicable, and penalty of Rs 57,298 alleging tax credit wrongly transitioned to GST.
Pearl Global Industries Ltd shares gained 1.29% to close at Rs 1,260. The company said it has secured two prestigious awards at Apparel Export Promotion Council (AEPC) Excellence Honours 2022-23. AEPC is the official body of apparel exporters in India.
Shares of Brand Concepts moved 2% to up to settle at Rs 753.15. The company said it has forayed into canteen stores department for sale of Tommy Hilfiger luggage.
Shares of Reliance Industries moved 1.43% lower to close at Rs 2,423.95. The company has invested an aggregate amount of Rs 418 crore in five units of Mercury Holdings SG PTE.
Shares of xx shed 1.81% to settle at Rs 475.20. The company has fixed today as record date for buy back of shares.
Shares of Global Health, Medanta's parent, shed 0.51% to close at Rs 928.80. The company, in a BSE filing, said, "The joint venture (JV) company namely 'GHL Hospital Ltd' has been incorporated to construct, equip and operate super specialty hospitals, clinics and health care centres with other related ancillary medical facilities and services.
Shares of CIE Automotive India settled with 1.72% losses at Rs 483.60. The company said Hari Krishnan has resigned as chief executive officer. It has appointed Sunil Narke as the new CEO.
Shares of Infibeam Avenues jumped 7.10% to close at Rs 23.22. The fintech firm announced that its flagship payment gateway brand, CCAvenue, is gearing up to introduce Bandhan Bank's EMI facilities to merchants.
Shares of Rashtriya Chemicals and Fertilizers Ltd gained 3.95% to close at Rs 159.40. The stock will trade ex-dividend today. The company has declared a final dividend of Rs 3.70.
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